bold and brave: what changed
bold and brave
Largest movements
- Cash +€135,228
up €135,228 (+56.7%), from €238,704 to €373,932
mainly Other debts (+€217,582) and Net result for the year (+€113,213)
- Receivables within one year +€33,965
up €33,965 (+52.6%), from €64,522 to €98,487
- Tangible fixed assets -€29,795
down €29,795 (-24.0%), from €124,020 to €94,225
of which Furniture and vehicles: -€22,813
- Other debts +€217,582
up €217,582 (+196%), from €111,281 to €328,863
- Reserves -€91,203
down €91,203 (-35.3%), from €258,453 to €167,250
of which Distributable reserves: -€133,303
- Tax, wage and social debts +€15,829
up €15,829 (+49.3%), from €32,112 to €47,941
of which Taxes: +€15,829
- Staff costs +€17,494
up €17,494 (+103%), from €16,984 to €34,478
- Gross operating margin +€13,894
up €13,894 (+6.7%), from €206,274 to €220,168
- Depreciation +€2,887
up €2,887 (+10.7%), from €26,909 to €29,795
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €427,246 | €566,644 | +€139,398 | +32.6% |
| Fixed assets | 21/28 | €124,020 | €94,225 | -€29,795 | -24.0% |
| Tangible fixed assets | 22/27 | €124,020 | €94,225 | -€29,795 | -24.0% |
| Land and buildings | 22 | €45,171 | €40,364 | -€4,807 | -10.6% |
| Plant, machinery and equipment | 23 | €8,400 | €6,225 | -€2,175 | -25.9% |
| Furniture and vehicles | 24 | €70,449 | €47,636 | -€22,813 | -32.4% |
| Current assets | 29/58 | €303,226 | €472,419 | +€169,194 | +55.8% |
| Amounts receivable within one year | 40/41 | €64,522 | €98,487 | +€33,965 | +52.6% |
| Trade receivables | 40 | €64,522 | €98,487 | +€33,965 | +52.6% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €238,704 | €373,932 | +€135,228 | +56.7% |
| Total equity and liabilities | 10/49 | €427,246 | €566,644 | +€139,398 | +32.6% |
| Equity | 10/15 | €278,453 | €187,250 | -€91,203 | -32.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €258,453 | €167,250 | -€91,203 | -35.3% |
| Tax-exempt reserves | 132 | €125,150 | €167,250 | +€42,100 | +33.6% |
| Distributable reserves | 133 | €133,303 | €0 | -€133,303 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €148,793 | €379,394 | +€230,601 | +155% |
| Amounts payable within one year | 42/48 | €148,793 | €379,394 | +€230,601 | +155% |
| Trade debts | 44 | €5,399 | €2,590 | -€2,809 | -52.0% |
| Suppliers | 440/4 | €5,399 | €2,590 | -€2,809 | -52.0% |
| Taxes, remuneration and social security | 45 | €32,112 | €47,941 | +€15,829 | +49.3% |
| Taxes | 450/3 | €28,062 | €43,891 | +€15,829 | +56.4% |
| Remuneration and social security | 454/9 | €4,050 | €4,050 | = | 0.0% |
| Other amounts payable | 47/48 | €111,281 | €328,863 | +€217,582 | +196% |
| Remuneration, social security and pensions | 62 | €16,984 | €34,478 | +€17,494 | +103% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,909 | €29,795 | +€2,887 | +10.7% |
| Other operating charges | 640/8 | €614 | €689 | +€75 | +12.2% |
| Gross operating margin | 9900 | €206,274 | €220,168 | +€13,894 | +6.7% |
| Operating profit (loss) | 9901 | €161,767 | €155,206 | -€6,562 | -4.1% |
| Financial income | 75/76B | €1,785 | €24 | -€1,762 | -98.7% |
| Recurring financial income | 75 | €1,785 | €24 | -€1,762 | -98.7% |
| Financial charges | 65/66B | €6,981 | €7,699 | +€717 | +10.3% |
| Recurring financial charges | 65 | €6,981 | €7,699 | +€717 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | €156,571 | €147,531 | -€9,040 | -5.8% |
| Income taxes | 67/77 | €34,383 | €34,318 | -€65 | -0.2% |
| Profit (loss) for the period | 9904 | €122,188 | €113,213 | -€8,975 | -7.3% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €42,100 | -€21,050 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €59,038 | €71,113 | +€12,075 | +20.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.